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Canara Bank Personal Loan: Eligibility, Interest Rate & Apply Online

Home Canara Bank Canara Bank Personal Loan: Eligibility, Interest Rate & Apply Online

Canara Bank offers various personal loan schemes like Canara Budget, Canara Pension and Teachers Loan to cater to the financial needs of various individuals. Get loans of up to Rs. 10 lakh that can be used for purposes such as wedding, home renovation, medical expenses, vacation and much more.

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Get Canara Bank Personal Loan at lowest interest rates

  • Loan Amount: Upto Rs. 10 lakh
  • Processing Fees: Upto 1%

Apply for Personal Loan Starting From 10.25%*

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*Offers are from Paisabazaar's partner Banks & NBFCs.

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Updated: 13-10-2021 08:53:35 AM

Canara Bank Personal Loan Highlights

Interest Rate10.20% to 13.30% p.a.
Loan AmountUp to Rs. 10 Lakh
Loan TenureUp to 84 months
Processing FeesUp to 1% of loan amount sanctioned

 

 

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Canara Bank Personal Loan Interest Rates

Types of Canara Bank Personal LoanInterest Rate (p.a.)Loan AmountTenure
Canara Pension Loan10.20% onwards
  • For General Pensioners: Rs. 5 – 10 lakh
  • For Defence Pensioners: Rs. 5 – 10 lakh
  • For Family Pensioners (General/Defence Pensioners): Rs. 3 – 5 lakh
  • For General Pensioners: 36 – 60 months
  • For Defence Pensioners:  24 – 84 months
  • For Family Pensioners (General/Defence Pensioners): 36 – 60 months
Teachers Loan10.90% onwardsUp to Rs. 3 lakhUp to 48 months
Canara Budget11.25% onwardsAs per applicant profileUp to 60 months

However, interest rate offered to an individual may vary based upon various factors including but not limited to credit score, income, employer/employment type, etc.

Also Read: Which is the best bank to get a personal loan with low interest?

Canara Bank Personal Loan EMI Calculator

EMI Calculator
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%
Year(s)
EMI Calculator

Monthly EMI ₹ 15,622

Total Amount Payble ₹ 5,62,395(Principal + interest)

Principal Amount ₹ 5,00,000

Total Interest Payble ₹ 62,395

Canara Bank Personal Loan Eligibility Criteria

Canara BudgetCanara PensionCanara Teachers Loan
Confirmed employees of:

  • State/Central Government
  • Reputed PSUs
  • Reputed Corporate/Public Limited Company/Private Institution
  • IT/BT Company
  • Lecturer/Assistant Professor/Professor of Colleges/ Research Institute and University
Following pensioners drawing their pension through Canara Bank:

  • State Government Pensioners
  • Central Government Pensioners (viz., Central, Civil, Railways, Defence, Armed Forces, Defence Civilians and Freedom Fighters etc.)
  • Pensioners of all Government Department Undertakings
  • Pensioners of all Public Sector Undertakings/Corporate Pensioners
  • Family Pensioners of all the above categories
Confirmed teaching/non-teaching staff working in a school/college, drawing salary through Canara Bank and having a net take home salary of at least 30% of the gross salary after meeting the proposed EMI or Rs. 10,000 (whichever is higher)

 Canara Bank Personal Loan Documentation

  • Identity Proof: Passport, PAN, Voter Identity Card, Driving License, Aadhaar Card
  • Address Proof: Ration Card, Bank Account Statement, Passport, Driving License, Electricity Bill, Telephone Bill, Sale Deed/Property purchase agreement(for owned properties), Aadhaar Card
  • Income Proof: Bank Account Statement, Salary Slips, Form 16, ITR

Apart from these, the following are some additional scheme-specific documents that Canara Bank may ask for at the time of loan application:

Canara BudgetCanara PensionTeachers Loan
  • Stipulated Loan Application with 2 copies of passport size photographs
  • Latest Salary Certificate and Form No.16/ITR/ITAO for last 3 years
  • Co-obligation
  • Pronote / Pronote Covering Letter
  • Stipulated loan application with 2 copies of passport size photographs
  • Co-obligation (unless waived by the bank)
  • Delivery letter to DPN (Demand Promissory Note)

Security Required

  • Loan to Pensioners: Co-obligation of the spouse or any other person/ pensioner, as stipulated by the sanctioning authority
  • Loan to Family Pensioners: Third-party guarantee or co-obligation
  • Stipulated Loan Application with 2 passport size photographs
  • Latest Salary Certificate and Form No.16
  • Co-obligation where applicable
  • Pronote/Pronote Covering Letter
  • An undertaking letter from salary disbursing authority at district/block level not to shift the salary account without NOC from the branch


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Fees and Other Charges

Types of Personal LoanProcessing Fees
Canara Budget0.5% of the loan amount subject to a minimum of Rs. 1000 and maximum of Rs. 5000
Canara PensionProcessing charges are waived in respect of the loans under this scheme
Canara Teachers Loan1% of the loan amount with a minimum of Rs. 50

Comparison of Canara Bank PL vs. Other Lenders

ParticularsCanara BankHDFC BankAxis BankICICI BankSBI
Interest RateStarting from 10.20% p.a.Starting at 10.50% p.a.Starting from 10.49% p.a.Starting at 10.50% p.a.Starting from 9.60% p.a.
TenureUp to 84 months12 to 60 months12 to 60 months12 to 60 months12 to 72 months
Loan amountUp to Rs. 10 lakh50,000 to 40 lakh50,000 to 15 lakh50,000 to 25 lakhUp to Rs. 20 lakh
Processing FeeUp to 1% of loan amountUp to 2.50% of the loan amountUp to 1.50% of the loan amountUp to 2.50% of the loan amountUp to 1.50% of the loan amount

Best Personal Loan offers from top banks are just a click away Apply Now

Why Apply for a Personal Loan at Paisabazaar?

  • Top Offers on a Single Platform: Paisabazaar has partnered with more than 40 lenders including top banks, NBFCs, fintechs and offers access to the best available personal loan offers from multiple lenders on a single platform.
  • Compare and Choose: With Paisabazaar.com you can compare personal loan interest rates and other key features such as other key fees and charges, disbursal offered by different banks and NBFCs and select the most suitable option for yourself.
  • Chances of Approval and Personalized Offers: Paisabazaar.com lets you have access to personal loan offers from multiple lenders listed as per your Chances of Approval based on your credit score and other eligibility factors. This feature helps you select the loan offer that has the highest chances of approval.
  • Complete Guidance & Assistance: The team of experts at Paisabazaar offer unbiased advice and complete guidance at every step to help you choose the most appropriate option for yourself. The customer friendly team offers end-to-end assistance to offer you a seamless loan experience.
  • Pre-Approved Offers: Once you have registered yourself with Paisabazaar, you can get access to personalized pre-approved loan offers from different lenders, provided you have a healthy credit history. These pre-approved personal loan offers usually come with low interest rates, minimal or no processing fee and documentation, etc.
  • Paperless Process: Paisabazaar is a digital platform that lets you carry out the entire loan process online.
  • Document Pickup: Paisabazaar offers customers the option to get their documents picked from their doorstep without any additional charges in case physical documentation is required at any step.

FAQs

Q1. What will happen if I miss an EMI?

If you miss a loan EMI of Canara Bank, you may have to pay a late payment fee, penal interest on the due principal amount and your credit score might also get adversely affected.

Q2. I am a salaried professional and wish to opt for a loan to pay my father’s medical bills. Which loan scheme should I opt for?

You can opt for the Canara Budget loan scheme to deal with such a situation.

Q3. Can I apply for Canara Budget if I am a self-employed professional?

No, currently only salaried individuals can apply for a Canara Budget loan.

Q4. How is my interest rate decided by Canara Bank?

At present, the interest rate offered on Canara Bank personal loans starts at 10.20% p.a. However, the interest rate applicable to an applicant varies with the person’s individual applicant profile, personal loan variant opted for, loan amount and tenure desired, etc.

Q5. How should I contact Canara Bank for queries and assistance?

You can get in touch with the Canara Bank customer care team via any of the following means given below:

  • You can call on 1800-425-0018/ 1800-103 -0018 / 1800-208-3333 / 1800-3011-3333  (24×7 toll-free) or +91-80-22064232 (non-toll free)
  • New customers can also fill up the ‘Reach Us’ form on the Canara Bank website
  • You can visit the nearest Canara Bank branch

Please Note: Canara Bank is not a Paisabazaar partner. Offers would be from partner Banks/NBFCs only.

Canara Bank Personal Loan
(4.2/5 ) 1208 Reviews
Write a review
Jul 16, 2019
4/5
I was going through a financial mess

I was going through a financial mess and I needed loan from BoB to help me overcome the same. That's the same, I reached out to the team of Paisabazaar who helped me with the quick disbursement of the loan.

Jul 16, 2019
4/5
Foreclosure charge

The reason that these guys didn't ask for a foreclosure charge when I decided to pay my loan earlier than my term makes me their loyal customer.

Jul 16, 2019
4/5
I am beyond happy

I am beyond happy that I didn't have to furnish a collateral on my loan from BOB.

Jul 16, 2019
4/5
It came as a surprise

It came as a surprise to me when a Paisabazaar executive share with me that there will be no loan processing charges on my BOB personal loan when applied for it online.

Jul 16, 2019
4/5
Excited to share

Excited to share with you all that the staff of Paisabazaar was very helpful in me getting this short term loan from Canara bank.

Jul 16, 2019
4/5
Loan was disbursed

Happy that this loan was disbursed by the Paisabazaar team in just 2 days.

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